Correlation Between Agrify Corp and NEWMONT
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By analyzing existing cross correlation between Agrify Corp and NEWMONT MNG P, you can compare the effects of market volatilities on Agrify Corp and NEWMONT and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Agrify Corp with a short position of NEWMONT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agrify Corp and NEWMONT.
Diversification Opportunities for Agrify Corp and NEWMONT
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Agrify and NEWMONT is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Agrify Corp and NEWMONT MNG P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NEWMONT MNG P and Agrify Corp is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Agrify Corp are associated (or correlated) with NEWMONT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NEWMONT MNG P has no effect on the direction of Agrify Corp i.e., Agrify Corp and NEWMONT go up and down completely randomly.
Pair Corralation between Agrify Corp and NEWMONT
Given the investment horizon of 90 days Agrify Corp is expected to generate 15.89 times more return on investment than NEWMONT. However, Agrify Corp is 15.89 times more volatile than NEWMONT MNG P. It trades about 0.27 of its potential returns per unit of risk. NEWMONT MNG P is currently generating about -0.16 per unit of risk. If you would invest 371.00 in Agrify Corp on September 12, 2024 and sell it today you would earn a total of 2,829 from holding Agrify Corp or generate 762.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.63% |
| Values | Daily Returns |
Agrify Corp vs. NEWMONT MNG P
Performance |
| Timeline |
| Agrify Corp |
| NEWMONT MNG P |
Agrify Corp and NEWMONT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agrify Corp and NEWMONT
The main advantage of trading using opposite Agrify Corp and NEWMONT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agrify Corp position performs unexpectedly, NEWMONT can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in NEWMONT will offset losses from the drop in NEWMONT's long position.| Agrify Corp vs. MYR Group | Agrify Corp vs. Granite Construction Incorporated | Agrify Corp vs. Construction Partners | Agrify Corp vs. Great Lakes Dredge |
| NEWMONT vs. AEP TEX INC | NEWMONT vs. US BANK NATIONAL | NEWMONT vs. Palantir Technologies Class | NEWMONT vs. Intuitive Machines |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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